An Introduction to Assessing Market Potential by Smart Idea Store

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What are the potential applications for your idea?  What are the market figures for these applications and how much money will the market pay for the technology?

 

Introduction

This page will provide a guide to assist you in identifying potential applications for your idea and quantifying the total market in order to determine whether it is commercially viable to turn your idea into a product.

 

This step should only be undertaken following a patentability search as it will not be possible to complete the market assessment without knowing how your idea compares to similar patents and technology.

 

There are three sections covering:

 

  1. Brain storming your idea
  2. Quantifying the market potential
  3. Assessing the market penetration

 

 

It is certainly possible for you, as the inventor, to perform the market assessment on your own idea.  Local development agencies, such as Business Gateway, have access to subscription based market report databases and will perform searches on your behalf.

 

However, it is sometimes better to get an independent professional assessment of the market potential and market penetration as they may uncover potential applications for your idea that you had not considered and they may pay subscription fees to marketing reports that will result in quick and accurate information about the potential market, the current market share between your competitors and the potential market penetration of your idea. Smart Idea Store can introduce you to potential project partners who could perform these functions on your behalf.

 

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